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Strategic Objective
Advance U.S. economic, financial, and national security goals by leveraging multilateral mechanisms
Strategic Objective
Overview
An increasingly interconnected and interdependent global economy creates new opportunities as well as new challenges. The United States can better develop these opportunities and manage these challenges when there is a diverse set of tools available to public actors. Treasury participates in a wide range of multilateral mechanisms that complement ongoing bilateral engagements. These international multilateral institutions and processes reduce the burden on individual countries like the United States by pooling the resources and knowledge of groups of like-minded nations.
Treasury is the executive agency responsible for managing the U.S. government’s interests in IFIs. We work to use our nation’s leadership role to mitigate emerging threats to the U.S. and global economies, as well as reinforce national security interests in key countries around the world. The IMF helps protect global economic and financial stability and encourage market-determined exchange rates. The multilateral development banks (MDBs) - including the World Bank, the Asian Development Bank, the African Development Bank, the European Bank of Reconstruction and Development, and the Inter-American Development Bank – aim to promote economic growth, reduce poverty, and support international trade and investment. Arrangements like the Climate Investment Funds, the Global Agriculture and Food Security Program, the Deauville Partnership with Arab Countries in Transition, the Paris Club, and the FSB provide Treasury flexible vehicles to address emerging global challenges and assist strategically important countries. On behalf of the United States, Treasury promotes economic and financial policy solutions to the nation’s most pressing problems through the G-7 and G-20 processes.
Read Less...Progress Update
The Department of the Treasury, in consultation with the Office of Management and Budget, has highlighted this objective as focus area for improvement in FY 2015, due mainly to external factors slowing progress, specifically securing congressional approval of the International Monetary Fund (IMF) Reform package.
~~Treasury continues to engage with G-20 members to leverage the FSB to collective advantage, supporting the FSB’s objectives of greater financial stability, strong, sustainable, and balanced growth, and a level playing field for firms both in the United States and globally. Progress was made on the key objectives for global regulatory reform set out at the Pittsburgh Summit in 2009, including: building more resilient financial institutions with higher capital requirements and better quality capital; making the over-the-counter (OTC) derivatives markets safer and more transparent; addressing the risks posed by the largest, most complex financial institutions; and monitoring potential emerging threats to financial stability.
While Treasury made progress on several key international issues, evolving global geopolitical and financial crises and slowing economic growth in key regions and countries required Treasury to respond nimbly to immediate priorities, leaving less time for longer-term goals. Compounding these external challenges, Congress again failed, in FY 2015, to approve the 2010 IMF Quota and Governance Reforms and provide sufficient support for multilateral assistance priorities. This strains the ability of the United States to lead in these institutions and can adversely impact the willingness of other countries to engage in advancing U.S. priorities.
